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Ferragamo Sales Down 17% in First Quarter

Revenues totalled 227 million euros ($244.5 million), below analyst expectations of 237 million euros according a LSEG consensus.

A model walks down the runway — In January, CEO Marco Gobbetti warned that hitting turnaround goals could take longer than anticipated. (Getty Images)

By

Reuters

09 May 2024

Sales at Italian luxury group Salvatore Ferragamo fell 16.6 percent at constant exchange rates in the first quarter, the company said on Thursday.

“Over the quarter, our performance was impacted by continued volatility in the Chinese market, as well as a persisting weakness in wholesale and travel retail, further compounded by an unfavourable comparison,” chief executive Marco Gobbetti said in a statement.

Revenues totalled 227 million euros ($244.5 million), below analyst expectations of 237 million euros according a LSEG consensus.

By Elisa Anzolin, editing by Gianluca Semeraro

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Ferragamo CEO Warns Turnaround May Take Longer After 2023 Sales Drop

Sales at Italian luxury goods group Salvatore Ferragamo dropped by 8.1 percent at constant currencies last year, prompting chief executive Marco Gobbetti to warn that hitting turnaround goals could take longer than anticipated.

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